Businessman loses nearly RM1 million in fictitious online investment scam

A HARDWARE trader, in his 30s has suffered losses nearing RM1 million after falling victim to a non-existent online business scheme allegedly orchestrated by a scam syndicate.

The victim only realised he had been defrauded when he was asked to make an additional payment in order to withdraw purported profits from the so-called business.

Nilai District Police Chief, Superintendent Abdul Malik Hasim, said the man had been introduced to a Chinese national woman who presented an opportunity through a website called Yoox-Shooping.

“The woman proposed a business partnership and persuaded the victim to open an online shop on the platform,” he said in a statement on Tuesday.

He added that the victim was instructed to transfer funds into 10 different bank accounts, purportedly to boost the store’s rating on the platform.

According to Abdul Malik, a total of 27 separate transactions were made by the victim, amounting to RM703,337.41.

“The victim only realised he had been deceived when the woman requested a further payment of RM300,000 in order for him to access the profits allegedly generated from the upgraded store rating,” he said.

A police report has been filed and an investigation paper opened under Section 420 of the Penal Code for cheating. Authorities are currently working to identify and apprehend the suspects.

Abdul Malik urged the public to remain cautious and verify the legitimacy of any online business ventures, particularly those involving large sums of money.

He also reminded the public not to disclose banking details to unknown individuals under any circumstances. - June 18, 2025